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ADNOC GAS Q4 AND FY 2025 Results F e b 9 , 2 0 2 6
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DISCLAIMER The information contained in this presentation is for background purposes only and does not purport to be full or complete. No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness. The information in this presentation is subject to change. No obligation is undertaken to update this presentation or to correct any inaccuracies, and the distribution of this presentation shall not be deemed to be any form of commitment on the part of ADNOC gas plc and its subsidiaries (“ADNOC Gas”) to proceed any transaction or arrangement referred to herein. This presentation has not been approved by any competent regulatory authority. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any shares or any other securities nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on connection with or act as an inducement to enter into, any contract or commitment whatsoever. Investors should not purchase any shares on the basis of the information contained in this presentation. distribution of this presentation and other information may be restricted by law and persons into whose possession this presentation, any document or other information referred to herein comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This presentation has not been reviewed, verified, approved and/or licensed by the Central Bank of the United Arab Emirates (the “UAE”), the Securities and Commodities Authority of the UAE and/or any other relevant licensing authority in the UAE including any licensing authority incorporated under the laws and regulations of any of the free zones established and operating in the territory of the UAE, including the Financial Services Regulatory Authority, a regulatory authority of the Abu Dhabi Global Market, and the Dubai Financial Services Authority, a regulatory authority of the Dubai International Financial Centre, or any other authority in other jurisdiction. None of Abu Dhabi National Oil Company (ADNOC) P.J.S.C (“ADNOC”), ADNOC Gas and/or any of their respective subsidiary undertakings, affiliates or any of their respective directors, officers, employees, advisers, agents or any other person(s) accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy, completeness or fairness of the information or opinions in this presentation (or whether any information has been omitted from this presentation) or any other information relating to ADNOC Gas associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. If this presentation contains “forward looking” statements, beliefs or opinions, including statements with respect to the business, financial condition, results operations, liquidity, prospects, growth, strategy and plans of ADNOC Gas, and the industry in which ADNOC Gas operates. These forward looking statements involve known and unknown risks uncertainties, many of which are beyond ADNOC Gas’ control and all of which are based on ADNOC Gas’ current beliefs and expectations about future events. Forward looking statements are sometimes identified by the use of forward looking terminology such as “believes”, “expects”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts and involve predictions. Forward looking statements may and often do differ materially from actual results. They appear in a number of places throughout this presentation and include statements regarding the intentions, beliefs or current expectations of the directors or ADNOC Gas with respect to future events and are subject to relating to future events and other risks, uncertainties and assumptions relating to ADNOC Gas’ business, concerning, amongst other things, the results of operations, financial condition, prospects, growth and strategies of ADNOC Gas and the industry in which it operates. No assurance can be given that such future results will be achieved; actual events or results may differ materially as a result of risks uncertainties facing ADNOC Gas. Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed or implied in such forward-looking statements. Forward-looking statements contained in this presentation speak only as of the date of this presentation. ADNOC, ADNOC Gas and/or their respective affiliates, expressly disclaim any obligation undertaking to release publicly any updates or revisions to any forward looking statements contained in this presentation to reflect any change in its expectations or any change in events, conditions circumstances on which such statements are based unless required to do so by applicable law. Financial information in this presentation includes ADNOC Gas' proportionate consolidation of JVs financial results, unless otherwise stated. EBITDA includes proportionate consolidation of JVs and represents Earnings Before Interest, Tax, Depreciation and Amortization. Free cash flow as presented is based on the IFRS financial statements. The reconciliation between the financial data as presented and the IFRS financial statements is presented in the Management Discussion & Analysis Report. 2
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SPEAKERS F A T E M A M O H A M E D A L N U A I M I C H I E F E X E C U T I V E O F F I C E R P E T E R V A N D R I E L C H I E F F I N A N C I A L O F F I C E R R A S H I D A L M A Z R O U E I S V P M A R K E T I N G 3
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2025 ACHIEVEMENTS KEY MILESTONES Secondary offer Index inclusion RGD P1 FID IGD-E2 commissioningDividend policy 1st Marketed offering in the UAE $2.84bn Deal size (4.4x oversubscribed) $750m Inflows from passive funds $5bn Investment into growth through debottlenecking $24.4bn Total dividend in 2025-30 Q3 2025 Quarterly dividend starts 370MMSCFD Gas supply from off- shore to on-shore MSCI, FTSE Index inclusion 4
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$5.17 billion FY 25 Net Income (+3% vs 2024) KEY HIGHLIGHTS $3,382 million Domestic Gas EBITDA (+28% FY25 vs 2023) $20 billion Committed CAPEX (ex RGD P2,3) 40%+ EBITDA by 2029 vs 2023 RESILIENCE GROWTH POTENTIAL DOMESTIC MARKET GROWTH PROJECT FIDs • Record high FY Net Income demonstrates resilience in a 14% lower oil price environment vs 2024 • 2025 domestic gas sales volumes +4% vs 2024 • Continued improvement of underlying net income margins ($1.16/mmbtu, up by 7% YoY) • RGD phase 2,3 FID imminent • BGC final investment decision expected in 2026 • Significant upside to long-term EBITDA target driven by upcoming RGD 2,3 FIDs KPI Highlights DIVIDENDS $24.4 billion Dividend distribution (2025-30) • Q425 dividend: $896m representing a 5% annual increase 5
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2023-25 NET INCOME ($ bn) RECORD 2025 RESULTS DEMONSTRATE RESILIENCE IN A LOWER OIL PRICE ENVIRONMENT • 17% higher net income, $750mn, in 16% lower oil price environment vs IPO year (2023) • $640mn improvement in domestic gas contribution • Lower oil prices affected ETL, LNG contribution 2.17 2.53 2.81 2.07 2.30 2.00 YTD 2023 YTD 2024 YTD 2025 4.42 5.00 5.17 +17% +3% $81 $69Brent price (bbl) Other ETL, LNG Domestic Gas $82 Notes: YTD23 net income excludes $298mn positive deferred tax impact 2025 ACHIEVEMENTS 6
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ACCELERATING ROBOTICS AND AI ACROSS OUR VALUE CHAIN 7 2026 – 2030 2025 ACHIEVEMENTS UNLOCKING UP TO $900MN IN VALUE CREATION FOR ADNOC GAS Autonomous operation up to $450mn AI driven production optimization up to $300mn Intelligent asset performance up to $150mn 7 • AI operated control room in TGCP & Bu Hasa • Drones and robots pilot projects (various assets) • Cantiliver GECKO - in all assets • Closed Loop RTO deployed in Ruwais • $50m savings realized • Neuron-5 deployed in Bab
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SUCCESFULLY ENHANCING OUR SALES PORTFOLIO Domestic Gas • Secured two long-term supply agreements with key domestic customers (EWEC, EMSTEEL) LNG • Locked in $60B+ LNG deals • Expanded customer footprint across Asia & Europe, strengthening ADNOC Gas’ global footprint KEY ACHIEVEMENTS 14 74 10 50 Domestic ALNG JV RLNG JV Total $ billion VALUE OF AGREEMENTS SECURED (2025) 8
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STRENGHTENING OUR LNG GROWTH PLATFORM HIGHLIGHTS • Strategic expansion through long-term LNG agreements • Secured >8 mtpa of long-term SPAs, covering >80% of Ruwais LNG output • reinforcing ADNOC Gas as a reliable, lower-emissions supplier • Major progress on Ruwais LNG • Project execution ahead of approved schedule, reflecting strong delivery • First train commercial operations on track for H2 2028, second train for H1 2029 raising LNG capacity to ~15 mtpa 9
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PERFORMANCE OVERVIEW
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BRENT ($/bbl) BRENT DECREASED 14% IN 2025 VS 2024 (1) Average Propane and Butane price (FOB Saudi Arabia CP) 81 87 84 83 85 80 75 76 69 64 65 60 65 70 75 80 85 90 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Jan 78 68 -15% JKM ($/MMBTU) 26.0 15.0 12.0 9.6 12.0 13.5 15.0 12.5 12.0 11.2 10.4 10 20 30 5 15 25 Q1 23 13.0 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Jan 11.0 -17% LPG1 ($/ton) NAPHTHA ($/ton) 706 613 632 591 584 629 620 598 481 522 400 450 500 550 600 650 700 750 800 Q1 23 517 Q2 23 469 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Jan 523 -24% 630 602 611 617 620 627 622 618 536 522 508 500 550 600 650 700 Q1 23 547 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 533 Q2 25 Q3 25 Q4 25 Jan -16% 11
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INCRESING SALES VOLUMES DRIVEN BY 4.8% UAE GDP GROWTH IN 2025 Sales Quantity TBTU 55 69 48 60 74 56 70 63 68 65 46 52 214 253 273 257 241 266 265 235 251 252 273 260 507 575 621 589 573 580 609 567 580 611 635 595 4 Q3 23 6 Q4 23 3 Q1 24 6 Q2 24 4 Q3 24 3 Q4 24 3 Q1 25 4 Q2 25 4 Q3 25 3 Q4 25Q1 23 3 Q2 23 781 900 947 912 890 908 949 869 902 931 959 910 5 +5% Domestic Gas Export & Traded Liquids ALNG JV Products share Sulphur 264 231 1,007 1,036 2,330 2,420 16 2024 15 2025 3,616 3,702 +2% 12
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6% YoY DOMESTIC GAS EBITDA GROWTH IN Q4 25 Domestic sales Quantity TBTU 554 615 727 646 726 695 724 747 752 845 914 795 107 143 507 575 621 589 573 580 609 567 580 611 635 595 Q2 23 Q3 23 Q4 23 -9 Q1 24 54 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 554 615 727 753 717 749 867 747 752 920 914 795 Q1 23 +6% +5% Volume Adjustment EBITDA Domestic EBITDA $ millions 3,080 3,382 2,330 2,420 2024 2025 +10% +4% Note: Reported Q424 EBITDA of $935m includes $188m EBITDA booked, which relates to a successful contract renewal with a major customer. Allocation to prior quarters of 2024 is in line with corresponding demand profile. Reported Q424 EBITDA ($935m) included $188m EBITDA booked, which relates to a successful contract renewal 13
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ETL, LNG AFFECTED BY 14% YOY DROP IN OIL PRICES Sales Quantity1 TBTU (1) Sales Quantity includes the combined quantity for Export & Traded Liquids and LNG. (2) EBITDA refers to a non-IFRS measure incl. proportionate consolidation of JVs 220 270 161 296 307 265 333 321 323 270 177 207 937 853 948 1,109 1,026 1,093 1,111 978 1,038 982 974 928 321 322 317 315 322 335 299 319 317 319 312 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 269 Q1 23 Q2 23 1,157 1,123 1,109 1,404 1,333 1,358 1,445 1,299 1,361 1,253 1,151 1,136 -13% +4% Total Volume (LNG+ETL) ETL EBITDA ALNG JV EBITDA 1,227 977 4,209 3,923 1,271 1,266 2024 2025 5,436 4,900 0% -10% EBITDA2 $ millions 14
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RESILIENT TOTAL EBITDA DESPITE WEAKER PRICING Note: EBITDA, volumes includes sulphur 1,774 1,766 1,863 2,212 2,076 2,086 2,205 2,282 2,159 2,256 2,178 2,043 781 900 947 912 890 908 949 869 902 931 959 910 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 -10% +5% Volume EBITDA 8,648 8,636 3,616 3,702 2024 2025 0% +2% Total Sales Quantity TBTU Total EBITDA $ millions 15
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IGD-E2 DELIVERED ON TIME AND ON BUDGET CAPEX $ million 1,267 1,835 3,639 2023 2024 2025 • 2025 CAPEX spending mainly driven by major growth projects (IGD-E2, MERAM, RGD Phase 1) • 2025 spending influenced by increased accruals in Q425 • Recent IGD-E2 commissioning enabling an additional 370 MMSCFD of gas supply from Das Island to onshore INVESTMENTS 16
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STRONG EX-WC FCF IN 2025 OF $4.5BN COVERING DIVIDENDS SUPPORTED BY CAPITAL DISCLIPLINE Free-cash flow $, millions 4,468 4,468 4,148 3,584 186 190 1,005 1,168 213 320 2024 FCF (ex-WC) CFO Taxes ESTIDAMA transfer CAPEX (incl. advances) Others 2025 FCF (ex-WC) Working capital change 2025 FCF (after WC) 2025 dividends 0% +16% DIVIDENDS • H1 2025 interim : $1,792mn (paid in Q3 25) • Q3 25 interim in line with enhanced policy: $896mn (paid in Q4 25) • Final Q4 25 : $896mn (to be paid in Q2 26, pending final AGM approval) 17
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2026 OUTLOOK
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2026 CAPITAL MARKET GUIDANCE Sales volume 1 (in TBTU) YTD 2025 actual 2026 guidance Domestic Gas Products 2,420 2,430-2,510 Exports & Traded Liquids 1,036 1,045-1,075 LNG JV Products 231 230-240 Net Profit Unit Margins (in $/mmBTU) YTD 2025 actual 2026 guidance Domestic Gas Products 1.16 1.10-1.14 Exports & Traded Liquids 1.53 1.39-1.51 LNG JV Products 1.79 1.35-1.45 Sulphur ($ Millions) 341 250-300 Financial 2025 actual 2026 guidance EBITDA Margin % 36.8% ~36% Investments ($ Million) YTD 2025 actual 2026 guidance CAPEX 3,639 4,000-4,500 Note: ADNOC Gas’ proportionate 70% share of volumes includes LNG, LPG, Naphtha and Sulphur Sales volumes growth driven by UAE demand ETL, LNG: consistent with 60- 65$/bbl oil price range Excluding RGD P2,3 spending 19